The Ljubljana District Court has accepted Sberbank’s lawsuit and threw out the validity of Lex Agrokor in Slovenia. As a result. Sberbank will now have the right to claim a stake in Mercator in exchange of writing off Agrokor’s debt towards it.
According to the Ljubljana court, Lex Agrokor, which stipulates Croatian state authorities now managing Agrokor’s huge debt, does not provide equal treatment for each creditor.
According to Lex Agrokor, the creditors with claims towards more successful companies in the Agrokor conglomerate stand to be paid less than if the law was not in effect, and those who have claims towards the companies experiencing problems stand to receive more than they would have.
This contradicts the Slovenian bankruptcy laws and due to the fact that Agrokor has both creditors and assets in Slovenia, the District Court in Ljubljana threw out Lex Agrokor which is now not applicable to Slovenia.
The Court did uphold the lawsuit of the Russian bank Sberbank, i.e. its Slovenian branch. Sberbank is one of Agrokor’s creditors, and now wants a stake in Mercator, one of more successful Agrokor’s companies, in order to write off the Croatian company’s debt towards it.
If Lex Agrokor was valid in Slovenia, the extraordinary manager of the Croatian concern, Ante Ramljak, would be able to sell Mercator and split the earnings between the creditors, says Professor Miha Juhart of the Faculty of Law in Ljubljana. This way, however, it is more likely that Sberbank will try to get a bigger stake in Mercator in court.
Earlier, Sberbank acquired an 18.53% stake owned by Agrokor’s Dutch company Agrokor B.V.
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